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After the recent rally, demand for TON dropped, and the price plunged. TON has significantly corrected and shows signs of recovery. The network is still in the early stages of DeFi and has an enormous untapped potential.
So, an emerging DeFi project, Elluminex, aims to tap into its potential and create a revolutionary DeFi hub. Let’s examine the project and understand how it plans to improve the DeFi market.
Following its ATH at $8.24 in June 2024, TON traded in a declining wedge pattern for almost five months and dropped to $4.5. After reaching this level, TON underwent a rally, which caused the price to break out of the upper trendline of the declining wedge.
The price surged over 50% within a month, reaching $7, where it experienced rejection. TON consolidated below this level for over a week, then plunged by over 14% in a single day. The price took support at $5.2 and recovered to $6.5 but again consolidated below this resistance and dropped to $4.8.
TON has recovered from this support level and has gained over 10% in the last two days. It trades at $5.36, taking support from $5.2, and the immediate resistance is at $5.5. The price has corrected significantly and might gain demand from this region to start another rally.
The DeFi market has grown substantially in the past few years, but it needs more innovative solutions to overcome the many challenges investors face in the current decentralized economy.
Users' main issues when using DeFi platforms include complex interfaces, fragmented liquidity, high transaction costs, and limited exposure to early-stage investment opportunities.
Moreover, all the existing platforms lack some or the other functionality, so investors have to navigate between multiple platforms, leading to reduced efficiency and security risks. These issues demonstrate that DeFi is still far from its full potential.
DeFi is still in its infancy on the TON network, so Elluminex aims to become the all-in-one DeFi hub on TON and address all the issues limiting the growth of the decentralized economy with a seamless and user-friendly platform.
Elluminex is leveraging TON’s highly scalable infrastructure and unparalleled transaction speed to provide a highly efficient and unified platform to the network’s over 950 million active users.
It is developing the platform to include all essential DeFi functionalities so users can easily trade, farm, stake, bridge, and track their portfolios on a single platform. Since users can perform all DeFi tasks in one place, their efficiency will improve, and exposure to security risks will be reduced.
One of the platform's main components will be the Elluminex DEX, a secure, non-custodial Decentralized Exchange that will offer high liquidity and ensure low slippage for assets so users can swap their digital assets efficiently. The DEX will allow users to connect and trade directly from their TON wallets.
The DEX's design will be intuitive and user-friendly to improve accessibility for newcomers. It will also provide advanced trading functionalities such as limit orders and LP trading for experienced investors.
Moreover, the cross-bridge will ensure seamless asset swaps across multiple blockchains at unmatched speeds and minimal fees.
Elluminex will also incorporate an AI-powered portfolio tracker that offers portfolio performance analysis and market insights. Using real-time data and interactive charts, investors will stay up-to-date with market conditions and develop data-driven strategies.
Big players can capitalize on this early-stage investment opportunity and mimic the project’s growth in their portfolio.
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